Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-06-03
Inyestmentc-Str Edward Thorn
ton, &c.
To The Editor of The DiSD1tch:
Sir Edward Thornton Is reported Is say
Ing IN Washington the other day:

Sir Edward Thornton Is reported rs say
Ing In Washington the other day:
Z" The Vfrginians hare injured their credit all
orer the Uorld By their action in this matter, and
thev are today required 10 pay hfGheT rate Of
interest for rnOney than they tcOuld be had they
made an eg0rt eue'l 10 pay ne interest on thslr
debt No forSign country icH lend them raonty
notp on am terms, and as q consequence the peo-
pie II the STATE haue 10 bear additional burdens.
The last proposition made by the bondholders
was considered fair and Just by all fair-minded
people in this country and abroad. yet II was
rejected, either because the Nirginians do not
intend 10 come 10 terms or because they did
not see the force Of the argument that II would
be greatly 10 their advantage 10 have the option
OF redeemii & the principal OF the consol and
40 debt at the rate OF IS cents on the dollar.
The bOndhOders offered TO compromi5 e on the
basis Of thirty-odd millions. and the Virginians
placed their total at twenty-odd millions.
We are glad that Sir Edward admits that
he demanded len millions Of dollars more
than the Riddleberger bill offers. There
can be no doubt now that the Joint COM
mittce could not have acceded to their de.
mand.
His remark that the Virginians have in
juTed their credit all over the world is akin
TO that OF Mr.. Solicitor Braithwaite TO the
same eject, when Mr.. Massey so promptly
and properly rebuked and checked his i'm
peTtinence.
To show how little Sir Edward really
knows on the sui Jet | give the follow
ing
Statement OF Outside Capital that has been
INFESTED in Virginia. Since the War.
On page 90 OF the recent able and reliable
report made by General John d. Imboden
to the United States Treasury Department
on the transportation, commerce, and manu-
features Of Virginia there is a carefully.
prepared statement OF the cost OF repairing
the WORKOUT railroads OF the state and
building new ones from the close OF the
war to the end OF 1885. The sum arrived
at j, S@6, 40, 800. OF this at least 80 per
cent or, IN round numbers. $50, 100000.
was invested after the repeal, In 1882, of
the f0I.receiUdble coupon clause OF the
funding act OF 1872.
On pages 10 and III OF the same repor,
are tabulated statements OF manufactures
IN Virginia, in which their comparative
condition in lSG0-1SS0 and 1885 is given.
In 1860 the capital so invested was 3d.
4S2.155. In 1880 it was 2G,0Gs, 800. In
these statements the official figures are given
from the United States census.
For 1895 only partial reports for that year
were obtained, but these furnished rattle
from hich II is deduced that in 1885 clpi.
tai in manufactures had swollen to S41,-
4j3,4Sj.
How much Of this came from beyond the
State it Is bard 10 say, but certainly large
percentum.
For 1886 the best data atlainlble give>
northern investments in Virginia ut 3d..
100000. the largest investment ever made
in ore year. The indications n1w are that
in the present year from $4,000, 900 to 800,
600, coo OF northern capital " i'll he invested m
railroads, mine, and furnaces IN the min
craI districts Of toe state. Investors care
nothing about our sqnabbles over the State
debt-as they consider 1t practically set.
tlod-EOweyer much we may be worried In
a small way. IL don't worry the seeker IN
good paying investments. IL only @Orri'.
the bOn0hOlde-,. All the people have 10 do
is 10 bold out courageOusly and they viii
win. Sir Edward spoke more wisely thin
be krew when be said "the Virginia debt
question had developed into 4 political
is.ue." Really il never was anything else
II was always a question OF the right 10
tax the people against their consent for
thirtv.iOur years; a question OF the righ'
OF a Legislature TO fix, immOya6ly, fraud
upon the state by brlbed legislation;
question Of the right OF the supreme Court
OF The United States to supervise the con.
tracts OF a state by forced and usurping
application Of their pO~ers; question OF
the right OF that court TO evade the eleventh
amendment, and to destroy the liberty OF
the State by the casting vote OF a corrupt
Judge. OF course it is u political question
Of the first magnitude; and though it may
not be so regarded by suhiec: OF Great
Britain and an agent OF stockholders, It
has always been recognized as such by the
people of Virginia, who have not forgotten
what liberty il. though they have lost so
much Of it by influences which, II they
could, would rob tnem OF all. Y. Y. Y.